OVERVIEW OF OPTIONS
FOR AFFORDING LONG-TERM CARE
 | Medicaid eligibility is the focus of most long-term care planning, but Medicaid is not the only potential source of payment. Other possible sources for long-term care coverage include: |
|
Medicare --
But Medicare is of only limited benefit to individuals concerned with paying
for long-term care in a nursing facility.
|
| Private Financing -- From a practical planning viewpoint, paying for care, either delivered at home or at a nursing home facility, from the family's own funds may be necessary for some period of time prior to applying for Medicaid. This option will especially be recommended where the individual has gifted assets to family members within the "look-back" period (discussed in a section below). |
| Long-Term Care (Nursing Home) Insurance -- Long-term care insurance has become an additional option for persons whose assets are substantial enough to make it unlikely that they will ever become eligible for Medicaid, and for those who fear the limited quality of care that a government-provided program such as Medicaid will likely pay for in the future. (See the section on long-term care insurance below.) |
